Milton Friedman

Biography

American economist and statistician who received the 1976 Nobel Prize in Economic Sciences. A leader of the Chicago School of economics.

School of Thought

Chicago School

Notable Quotes

On Deflation and Central Banking

"Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."

—Milton Friedman, A Monetary History of the United States (1963), p. 17, Princeton University Press

On Economic Measurement in Digital Economy

"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy."

—Milton Friedman, Free to Choose (1980), p. 71, Harcourt Brace Jovanovich